Banks leave us in a dire position

I salute the bravery and sagacity of Mervyn King, governor of the Bank of England, for saying the truth about the banks (Banks should be the servants of industry, 7 March). They, and the financial sector generally, now, at best, function in an amoral culture. Everything is subservient to ever more profit, even if that means following values which those concerned vociferously eschew in their private lives. The governor cited one instance, namely of "making money out of gullible or unsuspecting customers".

Twenty years ago I waged a campaign (when the legal adviser to the Jimmy Young Show) against just such cynicism: banks heavily advertising high-yielding accounts into which unsophisticated citizens entrusted their hard-earned savings, only to slash the interest rate later without directly informing the depositors. The clearing banks are still at it. The reasons for the near-abandonment of decent values are deep and various. One thing is certain. Unless we can collectively reverse the descent, the prospects for this country are truly catastrophic. It is certainly not just a job for the government and the regulators. Unless those working the in markets take more personal moral responsibility for what they do, nothing will save us. It is that dire.

• I'm sure many people are so incensed by Bob Diamond's £6m bonus that they are willing to withdraw their funds from Barclays. But there should be a large-scale walk away from Barclays, possibly on a particular day. Is this not something UK Uncut would like to organise?